Zurcher Kantonalbank Zurich Cantonalbank Purchases 5,935 Shares of California Water Service Group (NYSE:CWT)

Key Points

• Zurcher Kantonalbank increased its stake in California Water Service Group by 19.9%, acquiring an additional 5,935 shares, bringing its total holdings to 35,773 shares valued at approximately $1.73 million.
• In recent trading, shares of California Water Service Group opened at $46.51, with a market capitalization of $2.77 billion, and a reported earnings per share of $0.71 for the last quarter, exceeding analysts’ expectations.
• The company declared a quarterly dividend of $0.30, with a yield of 2.6%, set to be paid on August 22nd to investors of record on August 11th.

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in California Water Service Group (NYSE:CWT - Free Report) by 19.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 35,773 shares of the utilities provider's stock after purchasing an additional 5,935 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.06% of California Water Service Group worth $1,734,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in California Water Service Group by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 1,360,158 shares of the utilities provider's stock valued at $61,670,000 after acquiring an additional 22,192 shares during the period. Wells Fargo & Company MN boosted its position in shares of California Water Service Group by 8.6% in the 4th quarter. Wells Fargo & Company MN now owns 62,044 shares of the utilities provider's stock worth $2,812,000 after purchasing an additional 4,903 shares in the last quarter. Norges Bank purchased a new stake in shares of California Water Service Group in the 4th quarter worth approximately $37,998,000. Deutsche Bank AG grew its stake in shares of California Water Service Group by 16.3% in the 4th quarter. Deutsche Bank AG now owns 119,904 shares of the utilities provider's stock worth $5,435,000 after buying an additional 16,786 shares during the last quarter. Finally, Invesco Ltd. increased its position in California Water Service Group by 5.6% during the 4th quarter. Invesco Ltd. now owns 928,148 shares of the utilities provider's stock valued at $42,073,000 after buying an additional 49,107 shares in the last quarter. Institutional investors own 82.78% of the company's stock.

California Water Service Group Stock Performance

Shares of California Water Service Group stock traded down $0.02 during trading hours on Wednesday, reaching $46.36. 81,314 shares of the stock traded hands, compared to its average volume of 372,439. The company has a 50 day moving average price of $45.97 and a 200 day moving average price of $46.71. California Water Service Group has a one year low of $41.64 and a one year high of $56.25. The company has a quick ratio of 0.50, a current ratio of 0.53 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 20.24, a P/E/G ratio of 2.27 and a beta of 0.66.

California Water Service Group (NYSE:CWT - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.25. The business had revenue of $264.95 million for the quarter, compared to the consensus estimate of $238.20 million. California Water Service Group had a net margin of 13.71% and a return on equity of 8.28%. The company's quarterly revenue was up 8.5% on a year-over-year basis. During the same period last year, the firm earned $0.70 earnings per share. On average, equities research analysts expect that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Monday, August 11th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.20 annualized dividend and a dividend yield of 2.6%. California Water Service Group's dividend payout ratio (DPR) is 52.40%.

Insider Activity at California Water Service Group

In related news, Director Lester A. Snow sold 1,200 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $46.51, for a total transaction of $55,812.00. Following the completion of the transaction, the director directly owned 26,349 shares in the company, valued at approximately $1,225,491.99. The trade was a 4.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.73% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CWT shares. Wells Fargo & Company cut their target price on California Water Service Group from $59.00 to $55.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. Seaport Res Ptn upgraded shares of California Water Service Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 11th. Finally, Wall Street Zen upgraded shares of California Water Service Group from a "sell" rating to a "hold" rating in a research note on Saturday.

California Water Service Group Company Profile

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, Hawaii, and Texas. The company is involved in the production, purchase, storage, treatment, testing, distribution, and sale of water for domestic, industrial, public, and irrigation uses, as well as for fire protection services.